Solstad Offshore ASA (OB:SOFF) completed the acquisition of Deep Sea Supply Plc (OB:DESSC) from Hemen Holding Ltd., Sagale Beteiligungsverwaltungs GmbH and others for approximately NOK 340 million.
Solstad Offshore, Farstad Shipping and Deep Sea Supply will combine to create a new OSV company following completion of the Farstad restructuring, which has been agreed by Aker, Hemen, Ocean Yeild and Farstad's senior lenders. Lars Peder Solstad will serve as the Chief Executive Officer of the combined company. The transaction elements listed are interdependent and will become effective simultaneously upon completion of the entire combination. The combination has not been considered or approved by the respective boards of directors of Solstad Offshore and Deep Sea Supply, and remains subject to, among other things, their review and approval. Further, the combination is subject to, among other things, agreement on final transaction documentation, competition authority approvals and relevant corporate resolutions. As of March 24, 2017, the transaction received the approval of board of directors of Solstad. The final combination is expected to be completed during the first half of 2017. As on April 25, 2017, Board of Directors of Deep Sea Supply approved the transaction. Norwegian Competition Authority also approved the transaction. The acquisition is expected to close on or about June 9, 2017 with delivery of consideration shares on or about June 14, 2017.
Solstad Offshore ASA (OB:SOFF) completed the acquisition of Deep Sea Supply Plc (OB:DESSC) from Hemen Holding Ltd., Sagale Beteiligungsverwaltungs GmbH and others for approximately NOK 340 million on June 21, 2017. Solstad Offshore issued 30,666,339 new shares of its common stock as consideration in the transaction at an exchange ratio of 0.1056. Solstad Offshore will now trade as Solstad Farstad ASA.